AUDUSD: the pair rises moderately ahead of Nonfarm Payrolls data

The AUDUSD rate is gradually strengthening this week, rising to the price area around 0.6300. The market will focus on the US employment statistics today. Discover more in our analysis for 7 February 2025.

AUDUSD forecast: key trading points

• Market focus: market participants are awaiting the US labour market data, with the Nonfarm Payrolls and the unemployment rate scheduled for release today
• Current trend: an upward correction
• AUDUSD forecast for 7 February 2025: 0.6200 and 0.6330

Fundamental analysis

The AUDUSD pair recouped its losses after the decline earlier this week, driven by some easing of concerns about the beginning of a global trade war between the US and its partners. Expectations of an interest rate cut by the Reserve Bank of Australia at the upcoming meeting at the end of February continue to exert pressure on the pair.

Today, the market is awaiting the release of another US employment data block, including Nonfarm Payrolls (projected at +170 thousand jobs) and the unemployment rate (expected at 4.1%). Stronger-than-expected data could support the US dollar and push the AUDUSD pair lower. Conversely, stronger figures will give the Australian dollar grounds for further growth.

AUDUSD technical analysis

On the H4 chart, the AUDUSD pair is undergoing an upward correction after finding support from buyers at 0.6100 this week. The price is now consolidating near a strong resistance area between 0.6300 and 0.6330. The US labour market data could drive further price movements.

The short-term AUDUSD forecast for today suggests that the pair could climb to 0.6450 if the bulls surpass the 0.6300-0.6330 resistance area. Conversely, the pair is expected to decline if the bears seize the initiative and push the quotes below the 0.6170 support level.

Summary

The AUDUSD pair is undergoing an upward correction, rising to 0.6300. The US employment data, including Nonfarm Payrolls and the unemployment rate, will be published during today’s American session and could drive further price movements.